EUR/USD
Analysis:
On the chart of the European major from March 20, an ascending wave is formed. Over the past month and a half, the price has moved mainly in a wide flat price corridor. Analysis of the wave structure shows that the decline that began on May 1 may continue the correction (B).
Forecast:
Today, the general lateral mood of the euro is expected. In the first half of the day, the completion of the ascending section and the formation of a reversal is possible. The probable range of the daily course from below is limited by the calculated support.
Potential reversal zones
Resistance:
- 1.0870/1.0900
Support:
- 1.0800/1.0770
Recommendations:
Purchases of the euro today may be risky due to the limited potential of the expected growth of the pair. We recommend that you focus on searching for sales signals. Until the exchange rate changes, it is wiser to refrain from trading.
AUD/USD
Analysis:
The upward wave of the Australian dollar from March 19 changes the direction of the medium-term trend. The scale of the movement is close to the level of the daily timeframe. The last section of the trend started on May 4. The price pushed through the intermediate resistance, starting a small-scale correction.
Forecast:
The European session today is likely to become bearish. The price is not expected to decline further than support. In the second half of the day, you can expect a change in the exchange rate and a resumption of the price rise.
Potential reversal zones
Resistance:
- 0.6590/0.6620
Support:
- 0.6520/0.6490
Recommendations:
In the first half of the day, short-term sales with a reduced lot are possible. In the support area, it is recommended to complete all positions and start tracking reversal signals to buy the instrument.
GBP/JPY
Analysis:
In the upward wave of March 18, the price of the pair has been mostly flat for the past month, forming a correction. Its final part started on April 30. It lacks the final section. The price has reached the potential reversal zone.
Forecast:
After a likely attempt to pressure the resistance zone, today we can expect a reversal and the beginning of a price decline. The lower border of the expected price corridor is shown by the support zone.
Potential reversal zones
Resistance:
- 132.90/133.20
Support:
- 132.00/131.70
Recommendations:
The purchase of the pair today is futile. It is recommended to track the reversal signal to search for points of sale pair.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
